angie: that sinking feeling, diverging monetary policies pushing the end to a 12 year low. blatter says it's too late to pull out and he's the man to save fifa. google upgrades android including access to hbo. good friday morning to you. it's almost friday for those of you watching in the u.s., welcome to "first up."

coming to you live from hong kong. we got breaking news, industrial production has just been released for the month of april last month industrial production fell 2.7% from a year before. atht now it's holding steady 2.7% growth on the year. analysts had expected a contraction of .5%. that weaker yen wreaking havoc on korea and hurting those exporters there, with industrial production at 2.7%, falling on the gear. asian markets, the top stories after what turned out to be a volatile session on thursday. that included the end falling to a 12 year low and a selling stampede in china. let's start with japan, what are people saying about the end? -- about the yen?

>> one word to describe what's happening on the yen, a big tumble yesterday. not sure if he's talking about the pace or how weak a level it is right now. checking the dollar yen right now, 123 point 78. we hit that 12 year low record, 124.92 from back in november 2002. level a lotthe 121 of people were forecasting for the end of yen -- the end of june. this is what is going on, the policy shift, the split we see with the u.s. and japan. headlines from the fed chair janet yellen talking about expecting to raise interest rates sometime this year. whereas you have the bank of japan talking about when to expand its stimulus.

it yen bore the brunt of because we did see quite a bit .f dollar strength here the u.s. jobless benefits, those data coming out overnight which than forecast. on the other side of the coin, look at japanese equities, getting a boost from this weekend. the nikkei 225 actually going up and seeing straight gains for the past 10 days. , thear highs expected longest rally since 1988. when it comes to the week yen, expect to get more risk of job owning from -- job owning from ning from theo japanese. angie: thanks for that, yvonne.

fifa and theto latest on the corruption storm blowing through world soccer. an emergency meeting as the organization deals from fallout from wednesday. discussing what it terms the current situation. blatter's undercurrent pressure to step down and says scandal is caused rome a few bad apples. >> i cannot monitor everyone all of the time. do wrong, want to they will try to hide it. to haveust fall to me responsibility for the well-being of our organization and to find a way forward to fix things. say abouthad more to the biggest scandal soccer has ever faced. he said he won't be the last we

hear on the issue. things,id a few more one of the things he said, many will be frustrated at the pace of change, but they will be working hard to regain trust. the next few months, he says more bad news is expected to calm. this has gone on for two decades , as authorities say it has. obviously more dirt will be coming out of the investigation. what is your legal strategy, who implicates who and who will strike deals. received a lot of criticism, either he was blissfully ignorant or he was part of it. still looksaid, it like he will be elected for a president,fifa

simply because he still enjoys massive support from places like africa, asia, and even the caribbean. a dominican official likened him to jesus, nason met -- nelson mandela. it fact of the matter is, more than itay does in germany. angie: interesting correlation there. it seems that europe has given up on mr. blatter though. david: the french football legend was actually a big supporter of mr. blatter for many years. he came out calling on the for jordan'ste prince ali who is up against

blatter peavy >> a very large majority of european associations will vote for prince ali. people are tired. they no longer want a president that they no longer support, and neither do i. i've always said it is important for fifa to be strong, and today, it is not strong. david: not that it matters, really. be -- example would malaysia for example would have the same vote, one country, one vote. the 209 federations around the world still support mr. blatter. anyway, the election is tonight. angie: david, thank you so much for that.

you can get more on all the days top stories at our new digital destination, bringing together the best of bloomberg news all at one address. find outloomberg.com about google's bombshell announcement and how it may affect the future of the company. plus, the u.s. is suddenly sounding the alarm on greece. check it out on bloomberg.com. contradicting comments from the chairman. shares surged in the last six months but then collapsed next week. >> it's quite rare for the securities and futures mission to actually talk about a pro before a formal prosecution's launch, but the regulator went ahead and did this just hours after the founder and main said heder of hangery was not aware of a probe and that if there was one, he would

know. so the regulator went ahead and then in a statement said that a formal investigation into the affairs of hanergy has been active and is continuing. a lot you're just telling us that this is quite unusual, because all investigations are supposed to be confidential and everybody being involved in that investigation is obliged to keep secrecy. angie: so why did they break silence now? wewe can only speculate, but know of one other occasion where they talked about the investigation. that was in 2009 and they were looking into the trading of hsbc shares. this time around, the regulator has been receiving a lot of criticism. gy plungingonly haner but two other groups. point theyis

searched 175% before plunging 47%. they wiped out $19 billion of their value in only 24 minutes. look at this, this year they surged more than 300% and just a day after hanergy collapse, they collapsed down 43%. this volatility doesn't necessarily him lie that there was some sort of misconduct. angie: of course now they are looking into it. it was underperforming even before. >> a lot of people were wondering how is this company continuing to grow so exponentially here? >> we've been talking about all year- hanergy long. people were questioning the fact

that more than 60% of their sales comes from sales to the parent company, not to mention reports of some unconventional accounting practices, looking into the trading patterns of the shares. there were some reports that they were working with unproven technology. so there has been a lot of talk , and now we know they are being investigated. after plunging 47%, they are still worth $21 billion. they are bigger than fujifilm, galaxy entertainment. right now of course suspended in trading. thanks so much for all of that. in other news, the ecb is warning that failure to strike a deal with greece will soon affect other eurozone countries. to extremeg

volatility in the market. monthbillion is due next with the first do a week from today. >> first of all, there is a proposal on both sides. realize that there will be significant damage first of all for greece but also the risk of contagion for the rest of the world. it's not just economic and financial, but also geopolitical is very important. j.p. morgan chase & co cut thousands more jobs over the next year. seeking to contain expenses. sources cited by the wall street journal say more than 5000 workers could be laid off by next year. since february, jpmorgan said it would cut almost $5 billion of expenses in its consumer and

investment banking division. they eliminated about 6000 jobs in the last fiscal year. lost of forst woman your legal battle over control of her families $3.8 billion trust. the supreme court of new south wales named her eldest daughter beyond as trustee. 2011aunched the action in after changing the investing date of the fund. ofholds nearly a quarter hancock processing -- prospecting. some strategists, when we return on "first up." ♪

angie: an investigation is

underway after live anthrax bores were sent from the u.s. to south korea. the center for disease control said the often lethal bacteria was also shipped to government and commercial labs at nine u.s. states. the pentagon confirms that the samples were shipped from you taught using a civilian delivery service. a spokesman said no one has shown signs of exposure and the anthrax has been destroyed. from the- fighters former army of taught else on her attack position 70 kilometers from the capital. shiite and sunni militias supporting the army's attempt to push them back. russian president vladimir putin making thea decree death or wounding of soldiers in peace time a state secret. the kremlin denied that decision

had anything to do with ukraine. at least two reports say russian troops have been seeing massing this week near the ukrainian border. moscow has repeatedly denied any involvement in the conflict. let's check in on the markets right now. s&p 500 lost .10% at the close in new york. announceder after it it will offer free same-day delivery for its premium subscribers. it puts one point -- one in six americans in touch with an alternative to actually going shopping. turning to asia, the shanghai composite suffered its biggest fall in more than four months. check out the yen on the falling to 12 year low against the dollar as to purchase japanese and u.s. monetary policy has been widening. questioning whether the depreciation has been to rapid.

let's talk about all this and get more with the founder and president of global strategies. we will talk to him in l.a., and there he is. good to see you. a 12 year low against the u.s. dollar, what is going on here? our markets getting in, trying to rate in a divergent move in september? oni think what is happening the japanese side for the 12 year low that you talked about is the fact that the japanese, the bank of japan expansion program is put the total balance sheet of the bank of japan as a proportion of gdp more than twice what it is in the united date and the japanese are not done yet. partly this is a reflection of the amount of money creation that is taking place at the bank

bondsan by not only the but other forms of financial assets to increase money supply. on the u.s. hand, side, i don't think it is a reflection yet of the u.s. interest rate rising, because it hasn't happened yet. developments are mostly on the japanese side, but i don't believe it's going to be a big help for japan. what japan needs to do is they need structural changes, they have an aging population, they have closed economic sectors without competition. we been waiting for it, someone say more like 1000 needles heading toward the rough target there. let's talk about the fed, a lot of people betting on a september rate hike, but you are not one of them. why not?

>> i'm not, because even in 2014, a lot of people look for the first rate hike to happen last year. i said at that time it wouldn't happen, and about the month ago i said it's not going to happen in 2015 either. isn here, the consensus changing from a june hike to september 2 more like december. the problem is that people hike tohat the rate take place would be gradual in the market could absorb it. the problem is we have had no experience raising interest rates from a zero level, and we don't know what the fallout is going to be. forecast that is going to be manageable has no basis. angie: you say fallout, what -- weren't you in greece a

couple of days ago? >> i came away convinced that very likely before the end of summer, there is going to be a default on the part of greece, not because of the government and what they are through, but simply because the greeks are tired of austerity for the last five years, and the europeans are giving them no alternative, no way to get out of this austerity. starting with the debt crisis in the 1980's, if it comes to a debate between whether you want to feed your feedeople are you want to the foreign creditor, it's a very easy choice what the democratic government is going to do. that is where i think greece finds itself. they kick the can down the road, and later this year they are going to face the same problem. angie: we've all got to eat,

don't we? hanks for joining us from l.a. coming up next, we will meet the queen of india's new metro system who was forced to leave japan to get her career on track. an incredible story, back in a moment on "first up." ♪

angie: there's a gender revolution underway in japan.

woman is showing japan what can be achieved elsewhere. >> deep underground in the tunnels that will form india's newest subway system, she is very much at home. in japan's first female title engineer, she wasn't able to find work in her homeland. >> in japan, we have a legend about a mountain goddess. i was not able to enter a construction site. as an engineer, that's a major handicap. that was stressful for me. i asked myself, how can i enter a tunnel as an engineer? that's when i decided to go under seas. -- overseas. >> setting -- she worked on jobs from a high-speed railway in taiwan to a metro project in ukraine and an urban planning

scheme in qatar. now she's president of tokyo-based consultants global. still, there are hurdles. ko: i think there are many who had never seen a woman on an indian construction site. they're ours many as 40,000 people working there and i was the only one. i was unusual, like panda. great she is special because of her determination. once she decides on something, she sees it through all the way to an end. that why she is able to get things done. she is very strong mentally. >> she is lauded by the japanese prime minister, who holds her up as the changing face of japan. 5% of company managers

in the workforce are female, yet --ko doesn't see a japan return to japan in her future, not while she's making a difference elsewhere. said thankday she you. she said because of the metro, that area that she could move around by herself. thaty be so happy to hear every >> it's a notion that has taken her around the globe on a journey she doesn't regret. angie: girls changing the world. theasia flies back into lack, fueled by lower oil prices.

>> his first love was the piano. , heg the way he met so many invented a way to bring the audience to him. it's now a gigantic musical database curated by listeners that aims to predict what you want to hear. it as pandora. today, more than 80 million people tin